WASHINGTON–The House of Representatives is expected to vote this week on legislation that would delay the implementation of the CFPB’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016.
The bill concerns the CFPB’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule, which became effective Oct. 3.
The legislation, HR 3192, the Homebuyers Assistance Act, has the backing of the credit union trade groups. It is sponsored by Reps. French Hill (R-AK) and Brad Sherman (D-CA).
House Majority Leader Rep. Kevin McCarthy (R-CA), said last week a vote would be held this week on the legislation.